A group photo of the leadership IEAG and the Bank of Ghana
The leadership of the Importers and Exporters Association of Ghana (IEAG), led by its Executive Secretary, Samson Asaki Awingobit, has paid a courtesy call on the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, to discuss challenges affecting the business community.
The team was received on behalf of the Governor by the Second Deputy Governor, Matilda Asante-Asiedu, at the Bank of Ghana Head Office in Accra.
In his remarks, Awingobit commended the BoG leadership for its efforts in stabilising the Ghana cedi through key monetary policies and initiatives. He, however, expressed concern over the scarcity of forex at commercial banks, which has compelled many importers and exporters to rely on the black market at exorbitant rates.
He also called on the BoG to address the practice of some commercial banks and shipping lines quoting exchange rates different from the official BoG rate.
Awingobit urged the Bank to create a unified channel to ensure consistency in exchange rate application and to enforce measures compelling banks to release forex to genuine traders. He further appealed to the BoG to step up regulation of the black market to prevent the exploitation of business operators.
A member of the Association and wine importer, Madam Korkor Djaba, raised additional concerns about bank deductions on forex transactions and called for a review of the USD 10,000 withdrawal cap, describing it as restrictive to genuine importers.
In his response, Governor Dr. Asiama commended the Association for its engagement and assured them that the BoG is implementing measures to sanitise the financial sector and ensure the availability of forex.
He noted, however, that the Bank must act cautiously within the framework of IMF programme conditionalities, which require fiscal discipline and careful management of forex interventions.
The Second Deputy Governor, Mrs. Asante-Asiedu, disclosed that commercial banks have been directed to halt over-the-counter forex withdrawals to ease pressure on supply.
She added that a BoG Committee is reviewing the Foreign Exchange Act and related policies to address current challenges in the forex market.
The meeting concluded with the Association presenting a token of appreciation to the Governor in recognition of his leadership and commitment to economic stabilisation.
